President Bola Ahmed Tibubu has written to the National Assembly seeking lawmakers’ consideration for the quick passage of four tax bills.
The president in his letter which was read on the floor of the plenary by the Speaker of the House of Representatives, Tajudeen Abbas, said that the proposed tax bills have been designed in line with the reforms outlined by his administration.
Reading the president’s letter on Thursday, October 3, Abbas listed the four bills as – Nigeria Tax Bill 2024, the tax administration bill, the Nigeria Revenue Service establishment bill, the Joint Revenue Board establishment bill.
The proposed bills include the Nigeria Tax Bill 2024, which aims to establish a comprehensive fiscal framework for tax regulation.
The Tax Administration Bill seeks to provide a clear and concise legal structure for managing taxes in Nigeria to reduce disputes and enhance efficiency.
Additionally, the Nigeria Revenue Service Establishment Bill is intended to repeal the Federal Inland Revenue Service Act and create the Nigeria Revenue Service.
The Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and a tax ombudsman to address tax-related matters.
Tinubu stated that these bills would bolster Nigeria’s fiscal institutions and are in line with his government’s broader development objectives for the country.
Earlier, the federal government said it has introduced concessions aimed at revitalising the oil and gas industry to ensure a boost in Nigeria’s upstream and downstream sectors.
Wale Edun, minister of finance and coordinating minister of the economy, unveiled two major fiscal incentives on Wednesday.
According to a statement by Mohammed Manga, director, information and public relations at the ministry of finance, the incentives are aimed at revitalising Nigeria’s oil and gas sector.
The spokesperson said they include value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, in accordance with the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.
“The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment,” Manga said.
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“These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.”
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He said the notice of tax incentives for deep offshore oil and gas production provides new tax reliefs for deep offshore projects.
“This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments,” Manga said.
“These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42.
“They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.”
With these bold initiatives, he said Nigeria is solidly on track to reclaim its position as a leader in the global oil and gas market.
The fiscal incentives, according to the ministry’s spokesperson, demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and fostering economic prosperity for all Nigerians.